Specialist lending for property hits £6 billion

05 July 2006

According to figures from UCB Home Loans, its portfolio of mortgage lending for specialist products such as buy-to-let mortgages and self-certification mortgages has now reached £6 billion.

It has reported its expectation for the aforementioned markets total lending by the end of the decade could be as high as £10 billion

UCB Home Loans is a subsidiary specialising in these niche mortgage lending products on behalf of Nationwide and its total lending has tripled since the UK's largest building society purchased the company in 1995.

"Competition has increased significantly in both the buy-to-let and self-certification sectors over the past four years, with a number of mainstream lenders entering these markets, either directly or via subsidiaries," said Keith Astill, UCB Home Loans managing director.

"Our own product range has been sharpened over recent months and with new developments such as the expansion of our sales force and improvements to the buy-to-let product portfolio our business is on target to reach the £10 billion asset figure, which we have set for 2010."